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The leading case is Stilk v Myrick (1809), [3] where a captain promised 8 crew the wages of two deserters provided the remainders completed the voyage. The shipowner refused to honour the agreement; the court deemed the eight crew were unable to enforce the deal as they had an existing obligation to sail the ship and meet "ordinary foreseeable emergencies".
The promise to pay a debt discharged by bankruptcy, the promise to perform a conditional responsibility despite the nonoccurrence of the condition, and the promise to perform on a voidable contract form a category of moral obligations that can bind in the absence of consideration.
For example. A promises to deliver certain goods to B after a week. B promises to pay the price after a fortnight, such consideration is future. Consideration must be real. Consideration must be real, competent and having some value in the eyes of law. For example, A promises to restore life to B's dead wife, if B pays him Rs.1000/—.
A 1926 promissory note from the Imperial Bank of India, Rangoon, Burma for 20,000 rupees plus interest. A promissory note, sometimes referred to as a note payable, is a legal instrument (more particularly, a financing instrument and a debt instrument), in which one party (the maker or issuer) promises in writing to pay a determinate sum of money to the other (the payee), either at a fixed or ...
Consideration can be anything of value (such as any goods, money, services, or promises of any of these), which each party gives as a quid pro quo to support their side of the bargain. Mutual promises constitute consideration for each other. [a] If only one party offers consideration, the agreement is a "bare promise" and is unenforceable.
A promises B to pay more; A 'obtains in practice a benefit, or obviates a disbenefit' from giving the promise; there is no economic duress or fraud; The practical benefit of timely completion, even though a pre-existing duty is performed, constitutes good consideration. On Stilk v Myrick, Glidewell LJ said,
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